Tejon Ranch Co. and Majestic Realty Co. form a new joint venture to
construct a 580,000-square-foot Class-A industrial facility
TEJON RANCH, Calif.--(BUSINESS WIRE)--Nov. 2, 2018--
Tejon Ranch Co. (NYSE: TRC) announced today a third joint venture
agreement with Majestic Realty Co., the nation’s largest privately-held
industrial developer, this one to build an approximate
580,000-square-foot speculative industrial building at the Tejon Ranch
Commerce Center (TRCC).
The new building will be located next to a 480,480-square-foot building
Tejon and Majestic built in 2017 and subsequently leased to Dollar
General and L’Oréal USA in 2018. Dollar General’s lease effectively
increased its footprint at TRCC by 40-percent, as it currently leases
more than 600,000-square feet in a separate building located on the west
side of Interstate 5. L’Oréal USA is moving its SalonCentric operation
from a facility in Valencia, about 40 minutes south of TRCC.
“Given the success with our most recent building, and with the demand
we’re seeing out of Southern California and elsewhere, we wanted to move
as quickly as possible to bring another new building online,” said
Joseph N. Rentfro, Tejon Ranch Co.’s Executive Vice President of Real
Estate. “Whoever occupies the space will find an abundant and
high-quality labor pool to draw from and the opportunity to apply for
tax incentives through the County of Kern’s AdvanceKern initiative, as
did L’Oréal USA, which was approved for $2.3 million in tax rebates.”
“There continues to be a very tight market in terms of both available
product and land available for the development of large scale
distribution centers in Southern California,” said Majestic Realty Co.
Senior Vice President, Brett Tremaine. “The Tejon Ranch Commerce Center
features turn-key sites for distribution, manufacturing and e-commerce
operations that allow users to serve southern and northern California,
as well as all 11 western states, from one location, and as we believe
many more companies currently located in the Los Angeles basin, like
SalonCentric, will want to avail themselves of the Tejon Ranch Commerce
Center’s strategic location and outstanding labor pool, it’s important
to have a building ready for them.”
The building’s 34-acre site has more than 2,000 feet of frontage along
the east side of I-5, just a half-mile north of the I-5/Laval Road
interchange, providing almost immediate access to California’s principal
north/south highway, with the ability to serve nearly 90% of California
consumers within a single day truck turn. The Class-A cross-dock
distribution facility will feature a 36-foot clear height, ESFR
sprinkler system, 62 dock high doors, 177 trailer parking stalls and 327
vehicle parking stalls. A 180-foot wide truck court will allow for
maximum efficiency and maneuverability.
Construction is expected to begin later this year or early 2019, with
completion anticipated in the third quarter of 2019.
Tejon Ranch and Majestic also jointly own a fully-leased
651,909-square-foot industrial building within the Tejon Ranch Commerce
Center on the west side of I-5, adjacent to IKEA’s 1.8 million square
foot distribution center.
John DeGrinis, SIOR, senior executive vice president of Colliers
International will serve as the listing broker for the new development.
About Tejon Ranch Commerce Center
The Tejon Ranch Commerce Center is located at the junction of Interstate
5 and Highway 99, at the southern end of the San Joaquin Valley,
approximately 70 minutes north of Los Angeles. The 1,450-acre
industrial/commercial complex is already home to major distribution
centers for Caterpillar, Dollar General, Famous Footwear, IKEA and
L’Oréal USA’s professional salon distribution company, SalonCentric.
About Tejon Ranch Co.
Tejon Ranch Co. (NYSE: TRC) is a growth-oriented, fully diversified real
estate development and agribusiness company, whose principal asset is
its 270,000-acre land holding located approximately 60 miles north of
Los Angeles and 30 miles south of Bakersfield. Tejon Ranch Co. is
positioned for growth with its fully operational commercial/industrial
real estate development and three master planned residential communities
on the horizon.
About Majestic Realty Co.
Celebrating its 70th Anniversary in 2018, Majestic Realty Co.
is the largest, privately-held developer and owner of master-planned
business parks in the United States. With more than
78-million-square-feet in its portfolio, Majestic provides real estate
solutions for tenants large and small, creating jobs, tax revenue and
community benefits across the country. Headquartered in Southern
California, Majestic has regional offices in Atlanta, Bethlehem, Penn.,
Dallas, Denver, Fort Worth and Laredo, Texas, Las Vegas and Phoenix,
Ariz.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181102005085/en/
Source: Tejon Ranch Co.
Tejon Ranch Co.
Corporate Communications
Barry Zoeller, (661)
663-4212
bzoeller@tejonranch.com
or
For
Majestic Realty Co.
Marty Schechter, (303) 987-8163
marty@schechterpr.com
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